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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Liabilities Measured at Fair Value

The following tables summarize the liabilities that are measured at fair value as of March 31, 2022 (in thousands).  There were no liabilities measured at fair value as of December 31, 2021:

		As of March 31, 2022
Description		Level 1				Level 2				Level 3
Liabilities:
Warrant liabilities - Pre-Funded Warrants		$	-			$	2,782			$	-
Warrant liabilities - Common Warrants			-				-				10,533
Total		$	-			$	2,782			$	10,533

Changes in Warrant Liabilities

The Company remeasured the fair value of the warrant liabilities as of March 31, 2022, and the following table presents the changes in the warrant liabilities from the issuance date (in thousands):

		Pre-Funded Warrants (Level 2)				Common Warrants (Level 3)				Total Warrant Liabilities
Fair value at January 1, 2022		$	-			$	-			$	-
Fair value at March 9, 2022 (issuance date)			2,646				9,943				12,589
Change in fair value of warrant liabilities			136				590				726
Fair value at March 31, 2022		$	2,782			$	10,533			$	13,315

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of derivative liabilities at fair value.

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